Be My Beneficiary

Here’s a surefire way to keep the romance in your relationship: Light the candles. Uncork the wine. Pull up a spreadsheet on your laptop and figure out a budget.

Or how about this? Snuggle on the sofa. Surf travel sites. Discover you’ve both always wanted to see the seashore in the Seychelles. Put the money in an emergency savings fund instead.

You get the point. Financial planning may not be sexy, but nothing drains romance from a relationship like money worries.1Research shows nearly 80 percent of working Americans are seriously stressed about finances — even two-income households pulling in “good” money. Rather than travel down that fraught road together, here are five steps couples can take to ease the strain and become more confident about their financial future.

Love me, love my goals. What do you want to achieve individually and as a couple? Write down your life goals, big and small — travel, children, start a business, retire at 50 — and prioritize them. One hundred percent of married couples plan for their wedding, but only 37 percent of Americans create a financial plan2 to guide their future together.

Save the sugar-coating for date night, not your budget. Track the money flowing into and out of your household for a few months. Based on what you learn, create a budge that enables you to meet expenses, cover emergencies, and save for life goals. Healthy finances are built on trust. Sadly, more than 7 million Americans hide money or credit cards from their partners.3 Be honest; a budget honeycombed with secrets will collapse.

Invest in protection. In sickness and in health. Till death do us part. When bad things happen to good relationships, they can put everything you’ve built in jeopardy. Make sure you both have adequate health, life and disability insurance and keep the beneficiaries and terms up-to-date as your life changes.

For better or for — financially — worse. Try to save a year’s worth of salary to cover unexpected expenses. It’s a tall order, but channeling money each month into an emergency fund will increase your financial and emotional confidence. You’ll both feel good becoming world-class savers.

Get fiscal on your dates. You thought we were kidding about wine and spreadsheets? The best way to avoid financial friction in your relationship is to make decisions and stay accountable together. Schedule a time (perhaps monthly) to talk over your finances: Review your budget, discuss upcoming expenses and measure progress toward your goals. For motivation, check out John and Jane’s story.

When it comes to the financial side of a successful relationship, nothing is more romantic than making sure you and your partner are on track — and on the same page — to realize your life goals, meet your obligations and protect your family and assets.

Quick Links

Check the background of your financial professional on FINRA's BrokerCheck.

The content is developed from sources believed to be providing accurate information.
The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals
for specific information regarding your individual situation. Some of this material was developed and produced by
FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named
representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and
material provided are for general information, and should not be considered a solicitation for the purchase or
sale of any security.

Copyright 2019 FMG Suite.

This material is intended for general public use. By providing this material, we are not undertaking to provide investment advice for any specific individual or situation, or to otherwise act in a fiduciary capacity. Please contact one of our financial professionals for guidance and information specific to your individual situation.

Securities products and advisory services offered through Park Avenue Securities LLC (PAS), member FINRA,SIPC. OSJ: 200 Broadhollow Rd, Ste 405, Melville, NY 11747, ph# 631.589.5400. PAS is an indirect, wholly-owned subsidiary of The Guardian Life Insurance Company of America (Guardian), New York, NY. Northeast Private Client Group is not an affiliate or subsidiary of PAS or Guardian.